Regulations on application for opening e-wallet in Vietnam from October 1, 2024

Regulations on application for opening e-wallet in Vietnam from October 1, 2024 (Image from the Internet)

On July 17, 2024, the Governor of the State Bank of Vietnam issued Circular 40/2024/TT-NHNN on guiding provision of intermediary payment services in Vietnam.

Regulations on application for opening e-wallet in Vietnam from October 1, 2024

The application for opening e-wallet in Vietnam include the following materials, information, and data:

- Agreement on opening and using the e-wallet as stipulated in Article 19 of Circular 40/2024/TT-NHNN;

- Materials, information, data for verifying customer identification information as stipulated in clauses 2, 3, Article 18 of Circular 40/2024/TT-NHNN, specifically:

+ Materials, information, data related to customer identification documents:

(i) In case the individual customer is a Vietnamese citizen: the national identity card, identity card, or electronic identity (via access to level 02 electronic identification account) or citizen identification card or birth certificate for those under 14 years old;

(ii) In case the individual customer is of Vietnamese origin but has not determined nationality: identity certificate;

(iii) In case the individual customer is a foreigner:

Passport, for foreigners residing in Vietnam, must also have a visa or visa-exempt document or substitute documents proving visa exemption entry; or

Electronic identity (via access to level 02 electronic identification account).

+ Materials, information, data for organizational customers: the materials, information, and data for verifying customer identification information as stipulated in point b, clause 1, Article 12 of the Anti-Money Laundering Law; including materials, information, and data of the lawful representative as stipulated in clause 2, Article 18 of Circular 40/2024/TT-NHNN.

In case an individual customer opens an e-wallet through a legal representative, guardian (hereinafter referred to as the representative), besides the aforementioned materials, information, and data, the application for opening e-wallet in Vietnam must also have:

- In case the representative is an individual: materials, information, and data for verifying the representative's identification information as stipulated in clause 2, Article 18 of Circular 40/2024/TT-NHNN and documents proving the legal representative's status for the individual opening the e-wallet;

- In case the representative is a legal entity: materials, information, and data for verifying the legal entity's identification information as stipulated in clause 3, Article 18 of Circular 40/2024/TT-NHNN and documents proving the lawful representative status of that legal entity for the individual customer opening the e-wallet.

Additionally, the organization providing e-wallet services may stipulate additional materials, information, and data in the application for opening e-wallet in Vietnam aside from those regulated in clauses 1, 2, 3, 4, Article 18 of Circular 40/2024/TT-NHNN, but they must notify and provide specific guidance to the customer.

More details can be found in Circular 40/2024/TT-NHNN, which comes into force in Vietnam from July 17, 2024, except for the following provisions:

- Provisions in Articles 11, 12, 13, 14, 35, and clause 4, Article 47 of Circular 40/2024/TT-NHNN are effective from August 15, 2024.

- Provisions in clause 2, Article 17, Articles 18, 19, 20, 21, 22, 23, 28 (except for clause 3) of Circular 40/2024/TT-NHNN are effective from October 1, 2024.

- Provisions in point c, clause 6, Article 25, clause 3, Article 28 of Circular 40/2024/TT-NHNN are effective from January 1, 2025.

- Provisions in points c, dd clause 1, points b, d clause 2, Article 25, and points b, d clause 3, Article 27 of Circular 40/2024/TT-NHNN are effective from July 1, 2025.

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